Question - Bridgeport Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $169,500 Allowance for Doubtful Accounts $2,060 Sales Revenue (all on credit) 841,800 Sales Return ...
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Question - An entity is converting its accrual-based accounting records to a cash basis. The amount of $53 000 (including $7 000 depreciation) was shown as 'Other expenses' in the statement of profit or loss. On inspecti ...
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Question - Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2018: ...
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Question - X Company manufactures a single product, Product A, and budgets total manufacturing costs each month. The accountant provides the following information about its manufacturing process: Direct material quantity ...
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Question - Bates Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $78,000. The deposits are made at the end of each year into an account paying 6% annual interest. What amount w ...
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Question - Metlock Corporation traded a used truck (cost $28,400, accumulated depreciation $25,560) for a small computer with a fair value of $4,686. Metlock also paid $710 in the transaction. Calculate the journal entry ...
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Question - Lana operates a real estate appraisal service business in a small town serving local lenders. After noting that lenders must pay to bring in a surveyor from out of town, she completes a course and obtains a su ...
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Question - Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $292,181 and their market rate is 8% at the issue date. Determ ...
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Question - The following information is given: Invoice price of the equipment $50,000, Freight costs for delivery to premises $1,050, Freight Insurance $100, Installation cost $1,000, and annual insurance on assets $3,50 ...
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Question - Buffalo Industries markets CDs of numerous performing artists. At the beginning of March, Buffalo Industries had in beginning inventory 2,670 CDs with a unit cost of $7. During March, Buffalo Industries made t ...
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